I am new to this forum and this is the first lease offer I have dealt with. After answering my two questions please tell me any thing more you think would be helpful.
The property is in Haltom City with this legal description: All that certain lot... described as Lot No. 1 of W. E. Wade’s subdivision...out of the J. W. Elliston [John Elliston A-472] Survey in Tarrant County, Texas...
Chesapeake is offering a signing bonus of $1,500.00 per net mineral acre, a 20% royalty, and a 3 year primary term + 2 year option to extend.
1. Is Chesapeake the only one leasing and drilling in this area?
2. Is this the typical lease bonus and royalty for this area or are higher bonus and royalty being negotiated?